The Bangko Sentral ng Pilipinas (BSP) targets to circulate new generation currency coins with enhanced security features before the end of the year, in line with the plan to demonetize old coins.
“In due time, the design for the new coins will be rolled out before the end of the year,” Bangko Sentral Deputy Governor Diwa Guinigundo told reporters in an ambush interview on Friday.
Guinigundo said a limited number of new generation coins may be released in December. “These coins will also reflect some security features,” he said.
Demonetizing old coins is more challenging than the demonetization of New Design Series banknotes, the central bank official noted.
Minted with the logo of the new BSP the P10, P5, P0.25, P0.05 and P0.01 coins that will be demonetized were circulated in 1995.
Replacing the old coins would take one to two years considering the physical and logistical difficulties involved in surrendering the coins to banks and branches and regional offices of the BSP, Guinigundo said.
“It is more challenging to demonetize coins than banknotes. We will have to physically get them and collect them and do something with them. The banknotes are easier because we will just shred them,” he said.
The new design banknotes were fully demonetized on June 30, 2017.
Under the New Central Bank Act, the BSP has the sole power and authority to issue peso coins and banknotes in the country.